Key Benefits of Business Intelligence Tools
February 26th, 2021 by Catherine Marqueses
Today’s business intelligence (BI) software helps you achieve the goals you set for your business, as well as set new goals based on the data you collect. And, while BI platforms have been around for some time, the modern ones are much easier to use, offer multi-cloud support, analytics powered search, artificial intelligence capabilities and voice analytics.
Let’s take a look at some of the other benefits of modern Business Intelligence tools.
Fast and Accurate Reporting
Contemporary business intelligence tools provide accurate data for analysis, reporting, and planning so you can quickly grow your business and reduce various risks.
Better Informed Decisions
With business intelligence tools, you can dig more deeply into various aspects of data your business generates to gain what may have been otherwise overlooked insights. Further, having more accurate analysis and reporting data enables you to set your goals and address your customer’s needs based upon factual information rather than hunches or “gut feelings”.
Business decisions can often take a while to make; particularly when you have to wait for the data you need to consider to emerge from a silo. Business intelligence software democratizes data, placing it at your fingertips to consider whenever the need arises. This advantage positions you to make faster decisions and implement them more expediently.
Learning Customer Behavior
Key to any success in the marketplace is knowing what your customers will need and/or want before they do. That way, you’ll already have it available when they come looking for it. This enables you to be of service without scrambling to meet demand. It also reduces the likelihood of being blindsided by sudden spikes in demand or changes in the marketplace. Simply put, today’s business intelligence tools give you the capability of analyzing their behaviors in order to predict their needs more accurately.
Improved Data Analysis
Using intelligence tools for your business affords you better analysis of your data. The artificial intelligence component highlights key trends, uncovers anomalies, isolates trends and segments data to provide actionable insights. As good as that is, modern business intelligence tools go even farther by acknowledging your preferences via a ‘thumbs-up’ and ‘thumbs-down’ feedback model. This delivers transparent calculations with every insight and generating personalized insights the more a user searches.
Improved Operational Efficiency
Running and maintaining a business is not as easy as many people think, but business intelligence tools can ease the workload. Their ability to measure and monitor your business’ performance and make forward-looking suggestions based upon data from past operations give you a decided leg up. Moreover, it provides a safer long-term investment by consolidating all data sources, whether on-premise or cloud, into a single analytics cache.
Provide Personalized Services
Personalized services are more valuable now than they have ever been. Customers prefer to be addressed by name instead of “Sir” or “Miss.” Most intelligence tools for business are user-friendly, which means you don’t have to be a rocket scientist to use them, and you can easily understand how to customize the software to your needs to ensure your customers receive personalized services. Even better, natural language processing enables the users within your organization to initiate searches by voice on both desktop and mobile-connected devices.
These key benefits of modern business intelligence tools all have one thing in common. They hold the potential to make your company better and more effective at what it does. This improves customer retention and profitability, while also reducing employee churn and making your workplace more inviting.